Pendle

Pendle is a DeFi yield trading protocol that splits yield-bearing assets into separate principal and yield components. Users can earn fixed yield, trade or leverage future yield, or hedge it, and the protocol runs across Ethereum and a dozen other chains, with its Boros product extending the model to funding rates.

Pendle V2 is the spot yield market. Its website says users can lock in fixed yield with no lock-up period and take leveraged or hedged yield exposure with no liquidation risk. Yield tokenisation separates a yield-bearing asset into principal and yield parts, and the Pendle AMM is built specifically for this kind of trading, with concentrated liquidity, a dual fee structure and, per the site, negligible impermanent loss concerns. Holders of the PENDLE token can stake it as sPENDLE to earn yield. Boros is a funding-futures product. A short funding position pays the floating rate and receives a fixed one, while a long position pays fixed and receives floating. Pendle says Boros trades on a fully on-chain orderbook and can trade any rate-based yield, with up to 1000x less capital needed to hedge a funding-rate position.

• V2 spot markets: fixed yield, long yield and spot yield trading
• Boros: funding-rate trading on an on-chain orderbook
• Pendle AMM: concentrated liquidity built for yield trading
• Chains: Ethereum, Base, Arbitrum, Optimism, BNB Chain, Mantle, Sonic, Berachain, HyperEVM, Plasma, Monad, X Layer and Robinhood

The Pencosystem page lists about 29 integrations in four groups. Money markets include Aave, Morpho, Euler, Spark, Dolomite, Gearbox and Venus Protocol. Exchanges and wallets include Binance, Bybit, Coinbase, OKX, Bitget, Gate.io and Upbit. Yield strategy names include Yearn, DeFi Saver, Contango and infiniFi, and InsurACE appears under insurance. Partner logos on the homepage include Amber, Galaxy, Binance, OKX, Bybit, Fasanara Digital and Republic Digital.

The site lists audits by ChainSecurity, Spearbit, WatchPug, cmichel, Dedaub, Dingbats, lleastwood and Ackee, and describes Pendle as the largest crypto yield trading platform (self-reported). Public analytics are linked on DefiLlama, CoinGecko and Token Terminal.